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Mid-market sales slow in final weeks of the year
Commercial sales totaled $58M in second-to-last week of 2020
Activity for New York’s mid-market investment sales — that is, sales between $10 million and $30 million — unsurprisingly slowed in the weeks before the end of the year. There were just five sales totaling $58.05 million, with every borough except Staten Island represented.
The largest parcel sold was a 4,900-square-foot industrial building in Borough Park, which will eventually transform into a commercial space. Other deals include affordable housing in the Bronx and a development parcel purchased in Long Island City.
Here are more details for the week ending Dec. 25:
1. Limited liability companies affiliated with Jack Guttman and Jack Basch sold a 4,900-square-foot industrial building on 12,700 square feet of land at 1529 62nd Street in Borough Park, for $13.25 million. The buyer was limited liability company MMark2018. Earlier this month, Abraham Woldiger filed an application for a five-story, 45,833-square-foot commercial and community building at the same address.
2. Jerry Offenberg sold a 12,500-square-foot warehouse at 46-28 21st Street in Long Island City for $13 million. The site has 47,000 square feet of development rights. Jiashu Xu led a group of developers to purchase the property. Rodney Nassimian and Josh Goldflam of Highcap Group completed the sale.
3. The Seidman Family sold a 12,590-square-foot mixed-use building at 128 West Houston Street in Greenwich Village for $11 million. The buyer was parking landlord Gary Spindler, acting through Sul-hous Holdings LLC. The building has approximately 20 rental apartments, according to StreetEasy.
4. The Center for Urban Community Services acquired 35,000 square feet of vacant land at 713 and 718 East 211 Street in East Bronx for $10.8 million. B&B Urban was the seller. The land will eventually be home to Williamsbridge Gardens, an affordable housing complex for which CUCS will provide supportive housing services.
5. Pancas Restaurant, Inc. sold a 11,000-square-foot mixed-use building at 47 West 55th Street for $10 million. Frank Caselli signed as the seller. The buyer was Abraham Heby through limited liability company AH 55th Street Owner.